CBS Corp. Jul 06
Standard & Poors, July 2006
Abstract
Leading position in broadcast network TV, syndicated TV programming, and, in EBITDA margin terms, radio; Strong consolidated EBITDA margins and discretionary cash flow; and Leverage inside of our targets for the rating. Competition from the Internet, iPods, and other entertainment forms, stalling growth of radio business; Continuing cable and broadcast audience fragmentation; and Volatility of network TV revenues, and semi-fixed costs, both of which make future earnings trends uncertain despite recent years' success of the CBS Television Network. The ratings on CBS Corp. reflect its leadership positions in network TV, outdoor advertising, and syndicated TV programming production, and its moderate capital structure. These considerations are tempered by weakened fundamentals in the radio business, the potential for volatile performance at the...
Companies mentioned in this report are: CBS Corp.,CBS Operations Inc.,Westinghouse Credit Corp.,Viacom Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
CBS Corp.,CBS Operations Inc.,Westinghouse Credit Corp.,Viacom Inc.
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